Siemens expects to lose EUR 100-200 million due to Crimea turbines scandal

Siemens expects to lose EUR 100-200 million due to Crimea turbines scandal

Ukrinform
German industrial concern Siemens expects to lose EUR 100-200 million of sales due to a scandal over supplies of the company’s turbines to Russian-annexed Crimea.

Reuters reports this, referring to Siemens CEO Joe Kaeser.

"CEO says [he] expects to lose EUR 100-200 million of sales in Russia due to Crimea turbines affair," the message reads.

Kaeser said he acted to limit Crimea turbines damage and did not rule out further measures.

As reported, last month it became known that the Russian Federation delivered Siemens gas turbines to Crimea bypassing the EU sanctions that prohibit the European companies from supplying gas equipment to the annexed territory.

Siemens stated the turbines had been delivered against the will of the company and that it intended to initiate a criminal investigation against the responsible persons.

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